Intrinsic value of Chart Industries - GTLS

Previous Close

$76.88

  Intrinsic Value

$19.19

stock screener

  Rating & Target

str. sell

-75%

Previous close

$76.88

 
Intrinsic value

$19.19

 
Up/down potential

-75%

 
Rating

str. sell

We calculate the intrinsic value of GTLS stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  15.10
  14.09
  13.18
  12.36
  11.63
  10.96
  10.37
  9.83
  9.35
  8.91
  8.52
  8.17
  7.85
  7.57
  7.31
  7.08
  6.87
  6.68
  6.52
  6.36
  6.23
  6.11
  5.99
  5.90
  5.81
  5.73
  5.65
  5.59
  5.53
  5.48
Revenue, $m
  1,138
  1,299
  1,470
  1,652
  1,844
  2,046
  2,258
  2,480
  2,712
  2,953
  3,205
  3,467
  3,739
  4,022
  4,316
  4,622
  4,939
  5,269
  5,613
  5,970
  6,342
  6,729
  7,132
  7,553
  7,991
  8,449
  8,926
  9,425
  9,946
  10,491
Variable operating expenses, $m
  1,077
  1,217
  1,368
  1,527
  1,696
  1,873
  2,060
  2,255
  2,458
  2,670
  2,814
  3,044
  3,283
  3,532
  3,790
  4,058
  4,337
  4,627
  4,928
  5,242
  5,568
  5,908
  6,263
  6,632
  7,017
  7,418
  7,838
  8,276
  8,733
  9,211
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  1,077
  1,217
  1,368
  1,527
  1,696
  1,873
  2,060
  2,255
  2,458
  2,670
  2,814
  3,044
  3,283
  3,532
  3,790
  4,058
  4,337
  4,627
  4,928
  5,242
  5,568
  5,908
  6,263
  6,632
  7,017
  7,418
  7,838
  8,276
  8,733
  9,211
Operating income, $m
  62
  81
  102
  124
  148
  172
  198
  225
  254
  283
  391
  423
  456
  491
  526
  564
  602
  643
  685
  728
  773
  821
  870
  921
  975
  1,030
  1,089
  1,149
  1,213
  1,279
EBITDA, $m
  233
  266
  301
  338
  377
  418
  462
  507
  554
  604
  655
  709
  764
  822
  882
  945
  1,010
  1,077
  1,148
  1,221
  1,297
  1,376
  1,458
  1,544
  1,634
  1,727
  1,825
  1,927
  2,034
  2,145
Interest expense (income), $m
  6
  27
  34
  43
  51
  60
  70
  80
  91
  102
  114
  126
  139
  152
  166
  180
  195
  210
  226
  243
  260
  278
  297
  316
  337
  358
  380
  403
  427
  452
  479
Earnings before tax, $m
  35
  47
  60
  73
  87
  102
  118
  134
  152
  169
  265
  284
  304
  325
  347
  369
  392
  417
  442
  468
  495
  524
  554
  584
  617
  650
  686
  722
  761
  801
Tax expense, $m
  9
  13
  16
  20
  24
  28
  32
  36
  41
  46
  72
  77
  82
  88
  94
  100
  106
  112
  119
  126
  134
  141
  149
  158
  167
  176
  185
  195
  205
  216
Net income, $m
  25
  34
  44
  53
  64
  75
  86
  98
  111
  124
  193
  207
  222
  237
  253
  269
  286
  304
  322
  342
  362
  382
  404
  427
  450
  475
  500
  527
  555
  585

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,987
  2,267
  2,565
  2,882
  3,218
  3,570
  3,941
  4,328
  4,732
  5,154
  5,593
  6,050
  6,526
  7,019
  7,533
  8,066
  8,620
  9,196
  9,795
  10,419
  11,068
  11,743
  12,447
  13,181
  13,946
  14,745
  15,578
  16,449
  17,358
  18,309
Adjusted assets (=assets-cash), $m
  1,987
  2,267
  2,565
  2,882
  3,218
  3,570
  3,941
  4,328
  4,732
  5,154
  5,593
  6,050
  6,526
  7,019
  7,533
  8,066
  8,620
  9,196
  9,795
  10,419
  11,068
  11,743
  12,447
  13,181
  13,946
  14,745
  15,578
  16,449
  17,358
  18,309
Revenue / Adjusted assets
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
Average production assets, $m
  939
  1,071
  1,213
  1,363
  1,521
  1,688
  1,863
  2,046
  2,237
  2,437
  2,644
  2,860
  3,085
  3,318
  3,561
  3,813
  4,075
  4,347
  4,631
  4,925
  5,232
  5,551
  5,884
  6,231
  6,593
  6,970
  7,364
  7,776
  8,206
  8,655
Working capital, $m
  109
  125
  141
  159
  177
  196
  217
  238
  260
  284
  308
  333
  359
  386
  414
  444
  474
  506
  539
  573
  609
  646
  685
  725
  767
  811
  857
  905
  955
  1,007
Total debt, $m
  638
  788
  948
  1,118
  1,297
  1,486
  1,684
  1,891
  2,107
  2,333
  2,568
  2,812
  3,067
  3,331
  3,605
  3,891
  4,187
  4,495
  4,816
  5,149
  5,497
  5,858
  6,235
  6,627
  7,037
  7,464
  7,910
  8,375
  8,862
  9,371
Total liabilities, $m
  1,063
  1,213
  1,372
  1,542
  1,721
  1,910
  2,108
  2,315
  2,532
  2,758
  2,993
  3,237
  3,491
  3,755
  4,030
  4,315
  4,612
  4,920
  5,241
  5,574
  5,921
  6,283
  6,659
  7,052
  7,461
  7,889
  8,334
  8,800
  9,287
  9,795
Total equity, $m
  924
  1,054
  1,193
  1,340
  1,496
  1,660
  1,832
  2,012
  2,201
  2,397
  2,601
  2,813
  3,034
  3,264
  3,503
  3,751
  4,008
  4,276
  4,555
  4,845
  5,146
  5,461
  5,788
  6,129
  6,485
  6,856
  7,244
  7,649
  8,072
  8,514
Total liabilities and equity, $m
  1,987
  2,267
  2,565
  2,882
  3,217
  3,570
  3,940
  4,327
  4,733
  5,155
  5,594
  6,050
  6,525
  7,019
  7,533
  8,066
  8,620
  9,196
  9,796
  10,419
  11,067
  11,744
  12,447
  13,181
  13,946
  14,745
  15,578
  16,449
  17,359
  18,309
Debt-to-equity ratio
  0.690
  0.750
  0.790
  0.830
  0.870
  0.890
  0.920
  0.940
  0.960
  0.970
  0.990
  1.000
  1.010
  1.020
  1.030
  1.040
  1.040
  1.050
  1.060
  1.060
  1.070
  1.070
  1.080
  1.080
  1.090
  1.090
  1.090
  1.100
  1.100
  1.100
Adjusted equity ratio
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  25
  34
  44
  53
  64
  75
  86
  98
  111
  124
  193
  207
  222
  237
  253
  269
  286
  304
  322
  342
  362
  382
  404
  427
  450
  475
  500
  527
  555
  585
Depreciation, amort., depletion, $m
  171
  184
  198
  213
  229
  246
  263
  282
  301
  321
  264
  286
  308
  332
  356
  381
  407
  435
  463
  493
  523
  555
  588
  623
  659
  697
  736
  778
  821
  865
Funds from operations, $m
  196
  218
  242
  267
  293
  321
  350
  380
  411
  444
  458
  493
  531
  569
  609
  651
  694
  739
  786
  834
  885
  938
  992
  1,050
  1,109
  1,172
  1,237
  1,305
  1,376
  1,450
Change in working capital, $m
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  34
  36
  37
  39
  40
  42
  44
  46
  48
  50
  52
Cash from operations, $m
  182
  203
  225
  249
  275
  301
  329
  359
  389
  421
  434
  468
  504
  542
  581
  621
  663
  707
  753
  800
  849
  900
  954
  1,009
  1,067
  1,128
  1,191
  1,257
  1,326
  1,398
Maintenance CAPEX, $m
  -82
  -94
  -107
  -121
  -136
  -152
  -169
  -186
  -205
  -224
  -244
  -264
  -286
  -308
  -332
  -356
  -381
  -407
  -435
  -463
  -493
  -523
  -555
  -588
  -623
  -659
  -697
  -736
  -778
  -821
New CAPEX, $m
  -123
  -132
  -141
  -150
  -158
  -167
  -175
  -183
  -191
  -199
  -208
  -216
  -225
  -233
  -243
  -252
  -262
  -272
  -283
  -295
  -307
  -319
  -333
  -347
  -362
  -377
  -394
  -411
  -430
  -449
Cash from investing activities, $m
  -205
  -226
  -248
  -271
  -294
  -319
  -344
  -369
  -396
  -423
  -452
  -480
  -511
  -541
  -575
  -608
  -643
  -679
  -718
  -758
  -800
  -842
  -888
  -935
  -985
  -1,036
  -1,091
  -1,147
  -1,208
  -1,270
Free cash flow, $m
  -23
  -23
  -23
  -22
  -20
  -18
  -15
  -11
  -7
  -2
  -18
  -12
  -6
  0
  6
  13
  20
  27
  35
  42
  50
  58
  66
  74
  83
  91
  100
  109
  118
  128
Issuance/(repayment) of debt, $m
  140
  150
  160
  170
  179
  189
  198
  207
  216
  226
  235
  244
  254
  264
  275
  285
  297
  308
  321
  334
  347
  361
  377
  393
  409
  427
  446
  466
  487
  509
Issuance/(repurchase) of shares, $m
  96
  96
  95
  94
  92
  89
  86
  82
  78
  73
  11
  5
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  236
  246
  255
  264
  271
  278
  284
  289
  294
  299
  246
  249
  254
  264
  275
  285
  297
  308
  321
  334
  347
  361
  377
  393
  409
  427
  446
  466
  487
  509
Total cash flow (excl. dividends), $m
  214
  223
  232
  242
  251
  260
  269
  278
  287
  296
  228
  237
  248
  264
  281
  298
  317
  336
  355
  376
  397
  419
  442
  467
  492
  518
  546
  575
  605
  636
Retained Cash Flow (-), $m
  -122
  -130
  -139
  -147
  -156
  -164
  -172
  -180
  -188
  -196
  -204
  -212
  -221
  -230
  -239
  -248
  -258
  -268
  -279
  -290
  -302
  -314
  -327
  -341
  -356
  -371
  -388
  -405
  -423
  -442
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  11
  13
  14
  16
  18
  20
  23
  25
  27
  30
  32
  35
  38
  41
  44
  47
  51
  54
  58
  62
  66
  70
  74
  78
  83
  88
  93
  98
  104
  109
Cash available for distribution, $m
  92
  92
  93
  94
  95
  96
  97
  98
  99
  100
  24
  25
  27
  35
  42
  50
  59
  68
  77
  86
  95
  105
  115
  125
  136
  147
  158
  170
  182
  195
Discount rate, %
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.12
  16.93
  17.78
  18.67
  19.60
  20.58
  21.61
  22.69
  23.82
  25.01
  26.26
  27.58
PV of cash for distribution, $m
  86
  81
  75
  70
  64
  59
  53
  48
  42
  37
  8
  7
  6
  7
  7
  6
  6
  5
  4
  4
  3
  2
  2
  1
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  96.1
  92.9
  90.1
  87.8
  85.8
  84.1
  82.7
  81.5
  80.4
  79.5
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4

Chart Industries, Inc. is a diversified global manufacturer of engineered equipment, packaged solutions, and value-add services used throughout the industrial gas, energy and biomedical industries. The Company operates through three business segments: Energy & Chemicals (E&C), Distribution & Storage (D&S) and BioMedical. The E&C and D&S segments manufacture products used in energy-related and industrial applications, such as the separation, liquefaction, distribution and storage of hydrocarbon and industrial gases. Through the BioMedical segment, it manufactures and supplies medical devices, including cryogenic and non-cryogenic equipment, used in respiratory healthcare. The Company also manufactures and supplies products for life sciences, including biological research and animal breeding. Applications in the BioMedical segment include Respiratory Therapy, Life Sciences, Commercial Oxygen and Nitrogen Generation.

FINANCIAL RATIOS  of  Chart Industries (GTLS)

Valuation Ratios
P/E Ratio 84
Price to Sales 2.7
Price to Book 3.4
Price to Tangible Book
Price to Cash Flow 13.8
Price to Free Cash Flow 15.4
Growth Rates
Sales Growth Rate -17.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -69%
Cap. Spend. - 3 Yr. Gr. Rate -24.4%
Financial Strength
Quick Ratio 47
Current Ratio 0.1
LT Debt to Equity 33.6%
Total Debt to Equity 34.4%
Interest Coverage 7
Management Effectiveness
Return On Assets 2.6%
Ret/ On Assets - 3 Yr. Avg. -2.1%
Return On Total Capital 3.1%
Ret/ On T. Cap. - 3 Yr. Avg. -3.3%
Return On Equity 4.1%
Return On Equity - 3 Yr. Avg. -4%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 31%
Gross Margin - 3 Yr. Avg. 29.6%
EBITDA Margin 9.5%
EBITDA Margin - 3 Yr. Avg. 3%
Operating Margin 6.6%
Oper. Margin - 3 Yr. Avg. 0.2%
Pre-Tax Margin 4.4%
Pre-Tax Margin - 3 Yr. Avg. -1.7%
Net Profit Margin 3.3%
Net Profit Margin - 3 Yr. Avg. -3.1%
Effective Tax Rate 34.2%
Eff/ Tax Rate - 3 Yr. Avg. 21%
Payout Ratio 0%

GTLS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GTLS stock intrinsic value calculation we used $989 million for the last fiscal year's total revenue generated by Chart Industries. The default revenue input number comes from 2017 income statement of Chart Industries. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our GTLS stock valuation model: a) initial revenue growth rate of 15.1% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 6.7%, whose default value for GTLS is calculated based on our internal credit rating of Chart Industries, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Chart Industries.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of GTLS stock the variable cost ratio is equal to 95.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for GTLS stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Chart Industries.

Corporate tax rate of 27% is the nominal tax rate for Chart Industries. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the GTLS stock is equal to 1.1%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for GTLS are equal to 82.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Chart Industries operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for GTLS is equal to 9.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $802 million for Chart Industries - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 31 million for Chart Industries is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Chart Industries at the current share price and the inputted number of shares is $2.4 billion.

RELATED COMPANIES Price Int.Val. Rating
LXFR Luxfer Holding 19.04 14.20  hold
IEX IDEX 140.04 136.44  hold
INGN Inogen 209.72 36.68  str.sell
GGG Graco Inc. 47.29 7.44  str.sell
CIR Circor Interna 40.86 47.58  hold
NDSN Nordson 131.41 103.71  sell
WOR Worthington In 46.18 115.12  str.buy
ESE ESCO Technolog 61.10 27.01  str.sell

COMPANY NEWS

▶ Chart Industries: 2Q Earnings Snapshot   [06:24AM  Associated Press]
▶ Chart Industries Earnings Preview   [Jul-18-18 04:11PM  Benzinga]
▶ These 3 Stocks Are Up 25% in 2018. Are They Still Buys?   [Jul-15-18 07:16AM  Motley Fool]
▶ Chart Industries Announces New CEO   [Jun-13-18 08:30AM  GlobeNewswire]
▶ Chart Industries Announces 2018 Investor Day Webcast   [Jun-05-18 09:00AM  GlobeNewswire]
▶ Chart Industries: 1Q Earnings Snapshot   [06:12AM  Associated Press]
▶ Chart Industries beats Street 4Q forecasts   [06:31AM  Associated Press]
▶ Chart Industries Clears Key Benchmark, Hitting 90-Plus RS Rating   [Jan-04-18 03:00AM  Investor's Business Daily]
▶ Chart Acquires Skaff Cryogenics   [Jan-02-18 04:01PM  GlobeNewswire]
▶ Should You Buy Chart Industries Inc (NASDAQ:GTLS)?   [Dec-28-17 03:05PM  Simply Wall St.]
▶ Should You Sell Chart Industries Inc (GTLS) At This PE Ratio?   [Oct-26-17 09:50AM  Simply Wall St.]
▶ Chart Industries tops Street 3Q forecasts   [06:35AM  Associated Press]
▶ 5 Top Stocks for September   [Sep-07-17 10:36AM  Motley Fool]
▶ Chart Acquires VCT Vogel   [12:02AM  GlobeNewswire]
Follow us on:   twitter   twitter   twitter   twitter

ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2018. All rigths reserved.